Use our mortgage calculator tool above to work out what your monthly mortgage payments are likely to be for a given interest rate. This is a good way of understanding how your monthly spending will be affected by moving home, changing lender or the affects of the Bank of England changing the base rate.

How can I reduce my monthly payments? Other than having a smaller mortgage loan, which may not be practical, you can either increase the mortgage term or find a cheaper interest rate. Whichever you decide to do you should seek the advice of an Independent Mortgage Adviser to discuss the pros and cons of each and to receive quotes for your new mortgage.

What affects the cost of mortgage payments?
Primarily, it is the interest rates that affects the cost of your monthly mortgage repayments. Mortgage lenders set the amount of interest that you have to pay and these rates are, in part, driven by the Bank of England base rate which is reviewed each month. Generally speaking, the mortgage lenders make their profit from the difference between the rate that they borrow their money at and the rate they charge you, the customer.

Interest rates may fluctuate depending on numerous economic factors. A mortgage adviser can explain this to you, which can help you to understand the risks of fixing your interest rate or choosing a variable rate or tracker mortgage.